Jefferies upgrades Starbucks to 'hold' on limited downside to stock underperformance

Jefferies upgrades rating on coffee chain Starbucks' stock SBUX.O to 'hold' from 'underperform' as it sees limited downside to stock in near term after its recent decline

*Shares of SBUX rise 1%

Stock has fallen 31.1% from its peak in March

We will monitor the "Back to Starbucks" strategy, focusing on investments in partners and technology to improve operations - Jefferies

Brokerage maintains PT at $76

Avg rating of 39 analysts is "hold"; median PT $105 — data compiled by LSEG

Up to last close, SBUX stock had fallen ~12.7% YTD, compared with a 5.8% decline in S&P 500 restaurants index .SPLRCREST